Commercial Lending question....

[Russell Peden]

Hey All,

I'm looking at a deal on a 6-unit building. When I contacted the agent about putting an offer on it, he said "...sure, just provide me proof of funds or a Pre-Qualification from a Commercial lender"

I had planned on using the lender I currently use for my other income properties. But they informed me they could only qualify for me for up to 4-units.

So this is my first experience trying to secure commercial funding for deal.

Is there anything I need to be aware of, or looking out for? 

How much different is it than residential lending?

I always thought that commercial lenders were primarily concerned with the property financials, as opposed to your personal financials ( ie; Fico, Debt ratio, etc). Is that correct?

Thanks in advance for your input, suggestions, and experiences.

~Russell